Cardano (ADA), a popular cryptocurrency, is seeing a significant increase in investments, indicating a promising comeback for the digital asset. In contrast, Bitcoin (BTC) experienced a massive outflow of $621 million last week, as reported by CoinShares on June 17.
The report highlighted the focus on outflows from Bitcoin, while other alternative coins like Cardano saw substantial inflows. Cardano received $0.7 million in investments last week, while Bitcoin faced a significant outflow of $621 million. Additionally, there was an increase in inflows of $1.8 million in short bitcoins during the same period.
The Cardano community is buzzing with excitement and optimism about the upcoming network upgrades and improvements that could take the blockchain to new heights.
The report also pointed out that other altcoins like Ethereum (ETH), LIDO, and XRP received notable inflows of $13 million, $2 million, and $1 million, respectively.
Cryptocurrency investment funds experienced the largest outflows since March during the recent FOMC meeting. Digital asset investment products saw a total outflow of $600 million last week, marking the biggest outflow since March 22, 2024.
The report attributed this market action to a more aggressive than expected FOMC meeting, leading investors to reduce their exposure to fixed supply assets. This resulted in a decrease in total assets under management (AuM) from over $100 billion to $94 billion within the week.
Please note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Bitcoin’s price dropped below $67,000 ahead of key developments this week, while Bitcoin ETF volume surged as the BTC price began to recover.